{"id":6366,"date":"2024-10-28T09:41:04","date_gmt":"2024-10-28T09:41:04","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=6366"},"modified":"2025-05-13T08:07:16","modified_gmt":"2025-05-13T08:07:16","slug":"dxy-oct-2","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/chart-of-the-day\/dxy-oct-2\/","title":{"rendered":"Nap time for the Dollar? Potential 4H Double Top in Sight"},"content":{"rendered":"\n<p>After tapping into the sub 100.00 levels, the Dollar Index rebounded strong, breaking previous highs and back into a massive triangle pattern. Across 27 days, the DXY has made a gain from 100.157 to 104.573, marking a 4.4% increase in value.<\/p>\n\n\n\n<p>This wild price action came with the various economic data about the US economy, with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lowering Inflation in September:<\/strong> 2.4% CPI inflation was reached, which is 0.1% closer to the Federal Reserve\u2019s 2% target.<\/li>\n\n\n\n<li><strong>PCE Inflation Projection: <\/strong>Professional forecasters think 2.2% PCE Inflation will be reached in Q4, which is 0.2% lower than Q3.<\/li>\n<\/ul>\n\n\n\n<p>Following a successful 4H bearish engulfing candle close, the index is now signaling some potential retracement in the short term, and also the possibility of a <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/double-top-pattern\/\">Double Top Bearish Reversal Pattern<\/a>.<\/p>\n\n\n\n<p>So, are the scary times over? Or will DXY once again rise and jumpscare the entire market?<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\" id=\"wp-block-themeisle-blocks-image-a2cd6718\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"845\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA.jpg\" alt=\"\" class=\"wp-image-6369\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA.jpg 1600w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-300x158.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-1024x541.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-768x406.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-1536x811.jpg 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">4H Technical Analysis of the DXY (October 28th, 2024)<\/h2>\n\n\n\n<p>Going in on the 4H timeframe, we have a freshly closed <a href=\"https:\/\/alchemymarkets.com\/education\/candlesticks\/bearish-engulfing-pattern\/#:~:text=The%20bearish%20engulfing%20candlestick%20pattern,exit%20point%20or%20short%20entry.&amp;text=The%20bearish%20engulfing%20pattern%20is,sell%20opportunity%20or%20exit%20signal.\">bearish engulfing candlestick<\/a>. Since it has occurred at a key resistance zone, this candlestick could act as a valuable signal for a price decline on the US Dollar.<\/p>\n\n\n\n<p>This also marks the possibility of a Double Top Pattern, which would have a bearish target at 103.468, aligning with the<strong><em> Previous Low \/ Breakout Target<\/em><\/strong> at approximately 103.468.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\" id=\"wp-block-themeisle-blocks-image-c0768e8c\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"845\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-4h.jpg\" alt=\"\" class=\"wp-image-6367\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-4h.jpg 1600w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-4h-300x158.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-4h-1024x541.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-4h-768x406.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/10\/COTD-24.10.28-TA-4h-1536x811.jpg 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>However, it\u2019s important to note this chart only marks the <strong><em>potential <\/em><\/strong>for a double top pattern to form \u2013 and does not indicate that one is currently in play. We need to wait for the price to creep lower towards the neckline, which is around the 104.016 level.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Support Levels to Watch on DXY<\/strong><br><strong>\u2022 Neckline:<\/strong> Approx 104.016<br><strong>\u2022 Previous Low \/ Breakout Target:<\/strong> Approx 103.468<br><strong>\u2022 Support Zone: <\/strong>Approx 103.325 to 103.580<\/td><\/tr><tr><td rowspan=\"2\"><strong>Resistance Levels to Watch on DXY<\/strong><br><strong>\u2022 Local Pivot High: <\/strong>Approx 104.573<br><strong>\u2022 Resistance Zone:<\/strong> Approx 104.568 to 104.823<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>If the DXY is able to form a Double Top and potentially break down, we may see markets across the board find some relief, or enjoy bullish price movement in the coming days.<\/p>\n\n\n\n<p>Alternatively, DXY could simply just range between the neckline (104.016) and local pivot high (104.573) for a bit before picking a definitive direction.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><strong>You may also be interested in:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"fcuwH5hlrz\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/weekly-outlook\/apple-googles-and-microsofts-earnings-reports-and-boj-interest-rate-decision\/\">Apple, Googles and Microsoft&#8217;s Earnings Reports and BoJ Interest Rate Decision<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Apple, Googles and Microsoft&#8217;s Earnings Reports and BoJ Interest Rate Decision&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/weekly-outlook\/apple-googles-and-microsofts-earnings-reports-and-boj-interest-rate-decision\/embed\/#?secret=4KzyKF3L1f#?secret=fcuwH5hlrz\" data-secret=\"fcuwH5hlrz\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The DXY has made a powerful bullish move for the past 27 days, and has found resistance at the 104.500 region. Technical signs point to a possible 4H Double Top pattern.<\/p>\n","protected":false},"author":159,"featured_media":6371,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-6366","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nap time for the Dollar? Potential 4H Double Top in Sight - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The DXY has been SOARING for the past 27 days, but finally, it may be time for a short nap. 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